City National Bank announced late Friday that it has acquired the assets and deposits of Nevada Commerce Bank, a Las Vegas institution that was closed by federal regulators.
City National, owned by downtown L.A.’s City National Corp., agreed to acquire all $145 million of the failed bank’s assets, including two branch locations that will reopen Monday as City National offices. Additionally, the acquiring bank paid a premium of 0.71 percent to assume Nevada Commerce’s $136 million in deposits.
The deal will bring City National’s Nevada branch network to 12.
“This cost-effective acquisition of Nevada Commerce Bank underscores City National’s commitment to Nevada, and it enhances our ability to serve a greater number of entrepreneurs, professionals and small and mid-size businesses in Las Vegas,” Chief Executive Russell Goldsmith said in a statement.
The deal is City National’s fourth failed-bank acquisition in the past two years. Previously, the bank bought Sun West Bank, 1st Pacific Bank of California and Imperial Capital Bank.